China’s Shandong Xinxu Group is planning to invest $1.34 billion to develop an integrated maritime industrial complex (IMIC) at Port Qasim in Gwadar. The project aims to modernize port infrastructure, establish shipbuilding and recycling facilities, and integrate steel production, turning Gwadar into a hub for heavy industry and logistics.
The investment, with $800 million earmarked for shipbuilding and $540 million for other components, is contingent on establishing a 300,000-ton furnace oil plant. Officials say the IMIC project will also support the revival of Pakistan Steel Mills and strengthen the country’s industrial base by linking ship recycling to domestic steel production.
Once approved, the IMIC will rank among Pakistan’s largest recent maritime and industrial investments. The project is expected to enhance foreign direct investment, boost exports, and position Gwadar as a regional center for sustainable industrial growth under the China-Pakistan Economic Corridor framework.
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